Shareholders at EADS have backed plans to “normalize and simplify” the Airbus parent’s corporate governance structures following a failed tie-up attempt with BAE Systems.

During an extraordinary general meeting on Wednesday in Amsterdam, EADS’ shareholders formalized the structural shake-up and voted in a new board of directors.

The EGM also cleared plans to buy back and cancel up to 15% of EADS’ share capital at a maximum price of €50 ($64) per share, although the size, timing and form of the buy-back is yet to be confirmed.

“At the request of the Spanish state holding SEPI, it will be allowed to sell up to 1.15% of EADS’ share capital between completion and close of business on 9 April 2013, in order to come close to their future shareholding of 4%,” said EADS in a statement.

German automotive manufacturer Daimler and French media firm Lagardere, which previously maintained the French-German shareholder balance, will now be able to exit their shareholdings.

The vote triggered “significant reforms” to EADS’ corporate governance framework and these changes are expected to take effect from April 2.